Global Lighting Market Size, Share and Growth Trends Report - Forecast Trends and Outlook (2024-2032)

Key Takeaways

• China aims to introduce more than 300 light products in 2024, as an attempt to enhance its competitiveness in the market.

• According to the United Nations, the global population will grow to just under 10bn by 2050.

• The United States has planned to transform the nation’s energy use so that more technologies run on clean energy by 2050.

Lighting, also referred to as illumination, is the deliberate use or arrangement of lights in a room, shopping complex, street, and other places to achieve practical or aesthetic effects. The different types of artificial light sources, including lamps and light fixtures, among others, are widely available in the market.

The global lighting market is being driven by the growing demand for lighting solutions from different end-use sectors and the rising consumer awareness regarding the sustainable use of resources. The market has witnessed a robust evolution and the transformation from incandescent to light-emitting diodes (LED).

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Trends and Developments

Increasing development of smart lighting solutions; the rising demand for eco-friendly products; the development of human-centric lights; and the rising prevalence of lighting as a service are positively impacting the lighting market growth

Global Lighting Market Trends

LEDs have become the most popular lighting technology as they reduce energy consumption, come with better life expectancy, and are affordable in nature as compared to traditional lighting technologies. Moreover, they do not harm the environment like fluorescent or incandescent lamps.

The lighting market growth is estimated to be higher in the developing regions owing to the increasing awareness and rising access to the product. Due to favourable government policies like the use of LEDs for streetlighting, there has been an increase in the sale of the product. The growing R&D activities to innovate enhanced lighting technologies are expected to propel the market growth in the forecast period.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Lighting Industry Segmentation

“Global Lighting Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

LEDs are anticipated to dominate the global lighting market share in the coming years

LEDs (Light Emitting Diodes) have taken over other types of lights owing to their long lifespan, energy efficiency, and colour variety. They have become the preferred choice for both residential and commercial applications.

Meanwhile, halogens are expected to account for a major portion of the global lighting market share in the coming years owing their extensive utilisation in automobiles. These types of incandescent lighting solutions have a longer lifespan. They are often used in specific applications where high light quality is important, such as in car headlights and some types of studio lighting.

The rapid growth of e-commerce is expected to aid the expansion of the market in the coming years

For lighting solutions, speciality stores are likely to account for a major portion of the lighting market due to the availability of a wide variety of products. They also provide expert advice and customer service.

However, online sales platforms are expected to witness a rapid growth during the forecast period owing to their convenience and the ability to view customer reviews. Online platforms also facilitate easy comparison of features and prices, and the rise of direct-to-consumer brands in the lighting sector has further boosted online sales.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Competitive Landscape

Major players in the lighting market are increasingly investing in the development of smart lighting solutions

Other key players in the global market are Nichia Corporation, GE Lighting, Seoul Semiconductor Co., Ltd., Everlight Electronics Co., Ltd., Hubbell Incorporated, Zumtobel Group, Siteco GmbH, Panasonic Holdings Corporation, and Havells India Ltd., among others.

Major companies in the market are investing heavily in research and development (R&D) to introduce innovative products, such as smart lighting solutions, LED technologies, and lighting systems that can be integrated with the Internet of Things (IoT). These innovations cater to the growing demand for energy-efficient, intelligent lighting solutions in both residential and commercial sectors.

Global Lighting Industry Analysis by Region

The Asia Pacific is experiencing rapid urbanisation, industrialisation, and economic development, which provides substantial opportunities for the lighting market expansion. Countries like China and India are leading this expansion, driven by their massive population bases, growing middle classes, and increasing investments in infrastructure development. This growth is not only in residential and commercial lighting but also in industrial and public infrastructure projects, which require advanced lighting solutions.

The Middle East and Africa lighting market is also witnessing growth, fuelled by infrastructure investments, a rising population, and increasing number of mega-events. The Middle East is hosting significant international events, such as World Expos and sports tournaments, necessitating extensive infrastructure development, including state-of-the-art lighting systems.

Meanwhile, Europe and North America are increasingly focusing on technological advancements while following the regulatory environment for sustainability.

Key Highlights of the Report

Our Top Selling Reports

HVAC Market

Toys Market

Lime Market

Urea Market

Bus Market

Tuna Market

Construction Market

Asphalt Market

Footwear Market

Chromium Market

Lighting Market Report Snapshots

Lighting Market Size

Lighting Market Trends

Lighting Companies

Lighting Market Regional Analysis